MIDLAND — Chemical Financial Corp. announced today that its subsidiary, Chemical Bank, has completed its previously announced purchase of 21 branches from Independent Bank, a subsidiary of Independent Bank Corp., Ionia. In addition to the branch offices, which are located in Northeast Michigan and Battle Creek, the acquisition included approximately $405 million in deposits and $44 million in loans. The purchase price of the branch offices, including equipment, was $8.1 million and the corporation paid a premium on deposits of $11.5 million, or approximately 2.9 percent of total deposits.
“This transaction, our second strategic acquisition in the past three years, is not only in keeping with our growth strategy, but reflective of our commitment to Michigan. Acquiring these branches, we believe, accretively expands our footprint into new markets and provides us with an excellent opportunity to grow top line revenue through our core strategy of community banking,” said David B. Ramaker, chairman, CEO and president of Chemical Financial Corp. “We welcome the employees, customers and communities associated with these branches to the Chemical Bank family.”
The 21 branches are located in Otsego, Alpena, Presque Isle, Montmorency, Roscommon, Iosco, Ogemaw, Calhoun and Kalamazoo counties.